BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2022 16 Net income after tax and levies for the year totaled $11.1 million compared to $9.5 million for the year ended March 31, 2021. Consolidated Financial Statement Highlights Revenues: For the financial year ended March 31, 2022, the Group earned total interest revenue of $103.5 million, representing an increase of $3.5 million or 3.5 percent over the previous year. Income generated from non-interest sources increased from $6.3 million in 2021 to $8.0 million in 2022, thus representing a $1.7 million 27.0 percent growth over the prior year. Consequently, net interest income moved from $70.3 million in 2021 to $75.0 million in 2022. This represented an increase of $4.7 million or 6.7 percent in net interest income over that of the prior year. Net income: The Group’s consolidated net income before levies and taxes grew to $12.2 million at March 31, 2022 as compared to $10.6 million in 2021. Operating Expenses: Total operating expenses inclusive of taxes increased from $57.0 million in 2021 to $64.5 million in 2022. The increase was principally driven by a rise in staff cost of $1.9 million or 8.8 percent Assets: Total assets of the Group stood at $1.93 billion at March 31, 2022. This represented an increase of $103.9 million or 5.7 percent over the previous year. Given the Group’s strong asset growth over the years it is projected that total assets will surpass the $2.0 billion mark by March 31, 2023. At March 31, 2022, the Group’s consolidated net loans and advances stood at $1.4 billion, an increase of $68.7 million or 5.2 percent over the prior year. For the second consecutive fiscal, loan growth was primarily driven by increase in the mortgage portfolio. Net growth in mortgages were $70.3 million or 12.7 percent while net consumer loans decreased by $0.4 million or 0.001 percent. The Group remained highly liquid with total cash resources of $408.4 million compared to $381.8 million in the prior year, an increase of $26.6 million or 7.0 percent. Asset Quality: The Group’s non-performing loans grew by $2.7 million in the 2022 fiscal versus overall portfolio growth of $77.2 million. Consequently, with greater growth in the overall loan portfolio than the non-performing loan segment, the delinquency ratio decreased to 14.0 percent at the end of March 31, 2022 compared to 14.4 percent at the end of March 31, 2021. While this rate has only moved marginally, we are committed to providing relief and solutions according to individual needs, and to assisting with working through the financial implications of the economic fallout. In this regard we recognize and 2018 2019 2020 2021 2022 Net Income Net Income Total Assets 2018 2019 2020 2021 2022 Total Assets Loans to members Loans to Members Management Discussion & Analysis (MD&A) (Continued)
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